Developers and property experts call for cheaper land, stronger housing supply, affordable mortgages and improved regulation.

Nigeria’s housing affordability crisis is deepening as rising property prices, escalating rents and increasing construction costs place homeownership beyond the reach of millions of households.

Real estate developers, estate surveyors and investment professionals attributed the challenge to expensive land, costly building materials, infrastructure gaps, high financing costs, statutory charges and weak household purchasing power.

The stakeholders made the observations while highlighting the need for reforms across Nigeria’s housing value chain.

Rising Construction Costs Drive Property Prices

President of the Real Estate Developers Association of Nigeria (REDAN), Oba Akintoye Adeoye, said rising residential property prices and rents had become a major concern for developers, tenants, prospective homeowners and investors.

Adeoye explained that housing costs were increasing faster than the purchasing power of many Nigerians.

He said policymakers must examine land acquisition, construction, infrastructure, finance, transportation, professional services and regulatory charges instead of focusing only on the final price of properties.

“When the cost of producing a house increases, it inevitably impacts the price of the finished property,” REDAN said.

However, the association cautioned developers against using rising production costs to justify arbitrary pricing or consumer exploitation.

It called for measures to reduce the cost of land, infrastructure, building materials and housing finance, arguing that lower production costs would enable developers to offer more affordable homes.

Experts Demand Affordable Mortgage Financing

Adeoye urged greater access to long-term mortgage financing, allowing Nigerians to spread homeownership payments over 15, 20 or 30 years.

REDAN also advocated rent-to-own arrangements, cooperative housing schemes and housing savings programmes.

The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) reported in June 2026 that it had delivered ₦128 billion in mortgages to 1,859 families across 25 states.

The mortgages reportedly carried a fixed interest rate of 9.75 per cent, with repayment periods of up to 20 years and a minimum 10 per cent equity contribution.

By August, the State House said MREIF’s disbursements had increased to ₦140 billion, supporting 2,018 mortgages across 27 states. 

Despite these interventions, experts maintained that affordable mortgages alone would not resolve the crisis if housing production remained expensive.

Land Scarcity and Urban Migration

Chief M.I. Okoro, a Fellow of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), identified population growth, urban migration and limited land supply as key drivers of rising property prices.

He pointed to Lagos areas such as Ikoyi, Victoria Island and Lekki Phase One, where developers increasingly construct vertically because of land scarcity and high acquisition costs.

Okoro said rising property values in prime locations were pushing residents towards less expensive communities on the Mainland and outskirts of Lagos.

He called for increased housing supply, social housing programmes and greater involvement by local governments.

“Social housing is not meant to be for profit motive. That is where government comes in,” he said.

Construction Inflation Worsens Affordability

Ayo Ibaru, Chief Investment Officer at housing development company Panterra, described the crisis as the result of interconnected pressures across the housing sector.

He identified rising costs of cement, steel, finishing materials, labour, diesel and imported equipment as major contributors.

According to Ibaru, exchange-rate volatility has also increased the cost of imported materials and technical expertise.

Developers consequently reassess project budgets and may transfer some additional costs to buyers and tenants through higher sale prices, rents and service charges.

However, he noted that developers’ ability to increase prices remains limited by household incomes and effective market demand.

He argued that housing must be affordable to build, finance and maintain.

Land Documentation and Market Transparency

Ibaru also identified inefficient land administration and limited market transparency as factors increasing housing costs.

He called for faster land registration, clearer disclosure requirements for off-plan developments, stronger developer accreditation and appropriate escrow arrangements.

He also advocated better mechanisms for addressing abandoned or poorly constructed projects.

REDAN urged consumers to verify developers and property titles and conduct due diligence before making substantial payments.

Experts Call for Balanced Housing Development

Okoro argued that improving infrastructure and economic opportunities outside major urban centres could reduce migration pressure on cities such as Lagos.

He identified electricity, water, roads and telecommunications as essential investments for smaller cities and rural communities.

The stakeholders agreed that Nigeria’s housing crisis involves multiple factors, including:

• Expensive land and construction materials.
• High financing costs.
• Inadequate infrastructure.
• Weak household purchasing power.
• Limited housing supply.
• Inefficient land administration.
• Gaps in regulation and consumer protection.

The experts said addressing these interconnected challenges would require coordinated action from government, developers, financial institutions, local authorities and other stakeholders.

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The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) has disbursed N27.01 billion in the second quarter of 2026 to finance mortgages for 415 homebuyers, marking another milestone in the Federal Government’s efforts to bridge Nigeria’s housing deficit.

The latest disbursement brings the Fund’s cumulative financing to N131.67 billion, enabling more than 1,909 Nigerian families to access affordable home ownership through long-term mortgage facilities.

Details of the disbursement were contained in the second quarter (Q2) 2026 Investor Report released by ARM Investment Managers Limited, the fund managers of MREIF, at the Nigerian Exchange Limited (NGX).

The report highlights the growing impact of the Federal Government-backed initiative, which is designed to provide long-term, single-digit interest mortgage financing and expand access to affordable housing across the country.

MREIF commenced operations on March 17, 2025, following the full subscription and Securities and Exchange Commission (SEC) clearance of the basis of allotment for its N100 billion Series 2 issuance.

Structured as a N1 trillion shelf programme, MREIF operates as a closed-end real estate investment fund under a unit trust scheme in line with SEC regulations. The Fund is domiciled in Nigeria and denominated in naira.

According to the report, the Fund seeks to mobilise concessionary capital from the public sector alongside commercial funding from private investors to address Nigeria’s estimated housing deficit while improving access to affordable mortgages.

During the quarter under review, MREIF expanded its network of participating financial institutions by onboarding two additional Eligible Financial Institutions (EFIs), bringing the total to 22 institutions, comprising 11 commercial banks and 11 mortgage banks.

Through these institutions, the Fund provides long-term, low-cost financing that enables banks to offer eligible homebuyers mortgage loans at single-digit interest rates, significantly below prevailing commercial lending rates.

Beyond mortgage financing, MREIF also supports residential housing development through conditional offtake guarantees for qualified developers. The guarantees serve as credit enhancement instruments, helping developers secure construction financing for housing projects.

The report revealed that the Fund’s geographical reach continued to expand during the second quarter, with increased participation recorded in the North-West and South-East regions.

As a result, MREIF’s operations now cover 27 states across Nigeria’s six geopolitical zones, reflecting broader access to affordable housing finance nationwide.

It added that three active offtake guarantee transactions, valued at N9 billion, are currently supporting the construction of 475 housing units in Lagos and Abuja.

In addition, the Fund’s Investment Committee approved three new offtake guarantee transactions worth N7 billion, expected to facilitate the delivery of an additional 576 housing units.

The latest figures underscore the Federal Government’s commitment to expanding affordable housing opportunities through innovative financing mechanisms while encouraging greater private sector participation in residential housing development.

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President Bola Tinubu has commended the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) for delivering N128 billion in affordable mortgages to 1,859 families across 25 states of the federation.

The President described the milestone as evidence that the right policy framework, strong institutions and strategic partnerships can significantly expand access to home ownership for millions of Nigerians.

In a statement issued on Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu said the beneficiaries, spread across the six geopolitical zones, accessed long-term mortgage facilities with repayment periods of up to 20 years at a fixed interest rate of 9.75 per cent per annum and a minimum equity contribution of 10 per cent.

Tinubu Says Affordable Housing Finance Is Key to Wealth Creation

According to the President, access to affordable mortgage financing has remained a major barrier to home ownership for many Nigerians over the past several decades.

“For years, many Nigerians could afford monthly rent but could not access the type of financing required to purchase a home,” Tinubu stated.

“That reality kept countless families out of home ownership and limited their ability to build lasting assets.

“The progress recorded by MREIF shows that with the right policies, strong institutions and effective partnerships, we can expand access to home ownership and create opportunities for more Nigerians to build wealth through asset ownership.”

MREIF Unlocks N221bn in Property Value

Beyond the N128 billion in mortgages already disbursed, the fund has reportedly unlocked N221 billion in total property value and supported the delivery of 475 housing units through off-take guarantee arrangements.

The Presidency noted that the average age of mortgage beneficiaries is 42 years, highlighting strong demand for affordable housing finance among working-age Nigerians who have historically struggled to access long-term mortgage facilities.

Understanding the MREIF Housing Finance Initiative

The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) is a N1 trillion housing finance platform established to improve access to affordable mortgages and stimulate housing development across Nigeria.

Its pilot phase consists of N250 billion in concessionary and commercial funding.

The fund is sponsored by the Ministry of Finance Incorporated (MOFI) and managed by ARM Investment Managers.

Its Series 2 commercial issuance has received strong investment-grade ratings, including AAA from Agusto & Co. and AA from GCR Ratings, reflecting investor confidence in the initiative.

Part of Renewed Hope Housing Agenda

Tinubu explained that MREIF operates alongside other major housing interventions under his administration, including the Renewed Hope Cities and Estates Programme and Family Homes Funds Limited initiatives.

According to him, the programmes serve as complementary pillars of the administration’s broader strategy to reduce Nigeria’s housing deficit, expand affordable housing opportunities and increase home ownership nationwide.

The President reiterated his administration’s commitment to strengthening housing finance mechanisms and creating sustainable pathways for Nigerians to acquire homes through accessible mortgage schemes.

Industry stakeholders have continued to identify affordable mortgage financing as one of the most critical tools required to bridge Nigeria’s housing deficit and stimulate growth in the real estate sector.

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The project, developed by IFT Realty Limited, showcases modern housing but Oshikanlu says access to such homes remains out of reach for many citizens.

 High Land and Building Costs Driving Prices Up

Oshikanlu explained that rising costs especially for land and building materials are a major reason many Nigerians cannot afford to buy homes. He noted that prices for essentials like cement and sand have surged. For example, a truckload of sand now costs around ₦165,000, while a bag of cement is ₦11,000.

These soaring prices, he said, make it nearly impossible to build affordable homes. Developers have no choice but to pass on the extra cost to buyers, making even small homes too expensive for middle- and low-income earners.

 The Mortgage System Is Broken

He also emphasized that real estate in Nigeria operates like a “cash-and carry business, which is unsustainable. Without affordable mortgages, only the wealthy can buy property.

“Give Nigerians a 30-year mortgage at a 6% interest rate and remove the cost of land, permit delays, and security expenses,” he said. “Then we can deliver homes at ₦20 million, with a profit margin of just ₦5 million.”

 Government Must Lead Housing Development

Oshikanlu called on the government to intervene directly in the housing sector. He urged federal and state authorities to acquire land, build infrastructure, and work with developers to deliver affordable housing. According to him, no private investor can solve the 28 million housing unit deficit alone.

“Low-cost housing doesn’t happen without government support anywhere in the world,” he said. “It’s too difficult and too expensive.”

He suggested that each state could build 10,000 homes, especially since state governors control the land. All that’s needed is political will and the right policy framework.

 Diaspora Funds Driving Growth  But Creating a Gap

Interestingly, Oshikanlu praised the role of the Nigerian diaspora in driving real estate growth. He described remittances as the “real foreign direct investment” keeping the market alive.

“Millions of dollars, pounds, and euros come in every day,” he said. “Diaspora buyers are even reviving towns like Epe, Ijebu Ode, and Ogbomosho, which were previously abandoned.”

However, he warned that this growth has made things worse for Nigerians living at home. As diaspora buyers spend more, housing prices rise, pushing locals further out of the market especially with inflation and bank lending rates now above 30%.

A National Housing Strategy Is Needed

To fix the system, Oshikanlu called for a coordinated housing policy that includes developers, unions, cooperatives, and government agencies. “We need collaboration at all levels,” he said. “Housing should be treated as a national project.”

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At a major real estate summit in Lagos, former Vice President Yemi Osinbajo called for better housing practices that protect the environment and serve more people. Speaking at the 75th World Congress of the International Real Estate Federation (FIABCI), he said Nigeria must rethink how homes are built.

He explained that using local materials and climate-friendly designs is now a necessity, not a luxury. Osinbajo said homes must meet the needs of both the people and the planet. He stressed that housing should not be for the rich alone, but for everyone including those in the informal sector.

Osinbajo praised past leaders who achieved results despite financial limits. He mentioned former Lagos Governor Lateef Jakande, who built over 30,000 homes in four years. He also praised Borno State Governor Babagana Zulum for delivering more than 12,000 housing units in just four years. He said both leaders succeeded because they had strong political will, planned carefully, and used local workers and materials.

He also urged banks and the government to make mortgages easier to access. He said digital tools like Proptech can help reduce fraud and speed up land registration.

FIABCI Nigeria President Akin Opatola supported Osinbajo’s message. He said real estate is about improving lives, not just putting up buildings. He believes Lagos has the drive to lead in innovation and sustainable growth.

FIABCI World President Ramon Riera also praised Lagos. He said the city is growing fast and full of new ideas. In his view, Lagos is the right place to shape the future of real estate in Africa and beyond.

Governor Babajide Sanwo-Olu joined the event and restated his commitment to solving Lagos’ housing problems. He said his government is working on new ways to make homes easier to get and more affordable.

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At a major international real estate summit in Lagos, former Vice President Yemi Osinbajo urged industry leaders to rethink how homes are built in Nigeria.

He called for a shift towards sustainable housing practices that not only reduce harm to the planet but also make shelter more accessible to all. Speaking during the 75th World Congress of the International Real Estate Federation (FIABCI), Osinbajo said the future of real estate must reflect the needs of the people and the planet alike.

He pointed out that climate-responsive design using local materials is no longer a luxury, but a necessity. In his view, housing should serve everyone, not just the wealthy or formally employed.

To do this, he said governments need to take social housing seriously not just as a policy tool, but as a smart investment that pays off both economically and socially.

Citing past and present examples, Osinbajo praised the efforts of former Lagos State Governor Lateef Jakande, who built over 30,000 homes between 1979 and 1983, and Borno State Governor Babagana Zulum, who added more than 12,000 units between 2019 and 2023. Despite financial challenges, both leaders were able to deliver results by planning well, buying materials in bulk, and hiring local contractors. Osinbajo noted that their success came down to political will and good strategy.

He also pushed for broader mortgage access that includes those working in the informal sector. To help with that, he recommended embracing digital platforms such as Proptech, which can simplify land registration and reduce fraud.

FIABCI Nigeria’s President Akin Opatola echoed Osinbajo’s call, saying real estate isn’t just about buildings it’s about people and progress. He described Lagos as a city full of energy and potential, ready to lead the way in innovation and sustainable development. In a message delivered at the event, FIABCI World President Ramon Riera said the congress marks a turning point, not just for Africa, but for the global property market. He said Lagos, with its fast growth and vibrant culture, is the perfect place to explore new ideas in real estate and push for a more inclusive, eco-conscious future.

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Why Are Homes So Expensive?

Experts say the cost of housing in Nigeria is high for many reasons. One big issue is the use of expensive imported building materials. When the exchange rate changes often and supply chains are weak, the price of construction goes up. Poor infrastructure, many taxes, and costly land make things even worse.

In major cities like Lagos and Abuja, a basic one-bedroom apartment now sells for ₦25 million or more. A nicer apartment can cost as much as ₦100 million. Most Nigerians cannot afford these prices. Many are just trying to make ends meet, let alone save for a home.

The Mortgage System Doesn’t Help

Mortgages should help people buy homes. But in Nigeria, the system is too hard to access. There is not enough funding. Interest rates are high. Loan rules are strict. Most families do not qualify. People with low or unstable incomes are shut out.

As a result, renting becomes the only option. But even rent prices are going up. Many families are forced to live in poor conditions or share overcrowded spaces. Some end up in slums or make shelters from scrap materials.

Land and Regulation Problems

Laws and rules about land also add to the problem. The Land Use Act, which controls land use in Nigeria, is outdated. Getting land is slow, costly, and full of paperwork. Land is often grabbed by a few rich people, leaving nothing for regular citizens.

Corruption also drains funds that should go into building homes and infrastructure. Without power, roads, and clean water, new housing projects struggle to succeed.

Cities Are Growing Too Fast

Nigeria’s cities are growing quickly. Many people move to urban areas to find work. But the number of homes is not growing fast enough. This leads to overcrowding and poor living conditions.

In some places, people live under bridges or in unsafe shelters. There is simply not enough affordable housing to go around.

What Can Be Done?

Experts believe the housing crisis can be solved—but it will take serious work.

One solution is to support local building materials. If the government gives tax breaks and low-interest loans to producers, costs could go down. Better roads and faster imports would also help.

Another fix is land reform. Making it easier to register and own land would give more people a chance to build. Using unused land and forming public-private partnerships could lead to more affordable homes.

Making Mortgages Work for Everyone

The mortgage system also needs to change. A national refinancing group could help banks offer better loans. Interest rates need to go down. Mortgages should be flexible, so more families can use them. New ideas like micro-mortgages, rent-to-own programs, and housing cooperatives could help more people become homeowners.

Reducing the Pressure on Cities

To fix overcrowding, new towns outside big cities should be built. These towns need good transport and services. At the same time, rural areas need more jobs. If people can find work outside the city, fewer will need to move.

Urban planning is key. Cities need better layouts, clear rules, and long-term planning. Public transport must be improved. Wages also need to rise so people can afford decent housing.

A Call for Strong Leadership

The government must lead the way. Red tape should be cut. Housing policies must be clear and fair. Corruption must be tackled. And every plan must put people first—not just profit.

Technology can help too. It can make land and housing deals more open and honest. All policies should be easy to understand and available to the public.

Final Thoughts

If Nigeria wants to fix its housing crisis, it must act fast. Millions of people still do not have a safe place to live. The goal should not just be about selling homes it should be about making sure everyone has one.

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A Promise That Never Took Off

The idea was first announced in December 2021. It aimed to ease the burden of yearly rent payments on residents. Under the proposed system, landlords would still receive a full year’s rent upfront. Tenants, however, would pay the government back in monthly installments. The plan was presented as a win-win solution.

Despite the promise, there has been no visible progress. Officials have made repeated assurances that the scheme would launch “soon.” In 2022, the Commissioner for Information confirmed that all systems were in place. He explained that the project would operate as a revolving fund. The government would pay the landlords, and tenants would repay monthly. Still, there has been no rollout to date.

Nationwide Momentum Also Falters

In the same year, a federal bill was introduced to ban annual rent demands and enforce monthly payments. That bill has also stalled and remains in limbo, just like the Lagos initiative.

Mixed Reactions from Residents and Experts

Public opinion on the plan is divided. A recent poll showed that only 38.1% of respondents supported monthly payments. The majority still preferred to pay rent annually. Some worry that monthly leases could lead to unstable housing. Landlords might raise rent more frequently or end leases without much notice.

Others in the real estate industry have raised concerns. They argue that short-term leases increase costs. More tenant turnover means more time and money spent preparing units for new occupants. There’s also the issue of trust. Without a reliable credit system in Nigeria, landlords remain hesitant. Some fintech companies are now working to fix this gap.

Government’s Latest Promise

In March 2024, the government again promised action. A top aide announced that the scheme could begin by the end of the year or early 2025. The rollout will start with public sector workers. Their income is easier to verify. If successful, the program could expand to private sector employees.

Housing Crisis and Ongoing Efforts

The housing commissioner also commented on the issue. He said the current rent structure is driven by high demand and limited supply. This imbalance allows landlords to set tough terms. To fix this, the government is working with developers and banks. They want to boost access to affordable homes and move back to a monthly rent model. He also mentioned a new agreement with a major bank to support long-term, low-interest mortgages for low-income earners.

Still Just an Idea

Even with all these plans, the reality remains unchanged. The N5 billion meant to start the scheme has not been used. And for now, renters in Lagos continue to face the same struggles—waiting on a promise that’s still just an idea.

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Major Reforms to Improve Efficiency and Customer Experience

Access ARM Pensions is making home ownership and financial security more accessible for pension contributors in Nigeria. The company is introducing key reforms focused on efficiency, customer experience, and financial empowerment. These updates were discussed at the recent Human Resources and Pension Desk Officers Forum in Lagos, where executives outlined their strategy.

Following the merger of ARM Pension Managers Limited and Access Pensions Limited in October 2024, Access ARM Pensions Limited now manages N3 trillion in assets and serves over two million customers. This expansion has strengthened its position as a leading pension administrator. The company is streamlining documentation to cut pension transaction approval times from months to weeks, eliminating bureaucratic delays and ensuring faster fund access for contributors.

Commitment to Customer Satisfaction and Digital Innovation

At the forum, Associate Director Adaora Ude highlighted the company’s customer-first approach. She emphasized their dedication to resolving customer concerns efficiently. Access ARM Pensions is also investing in advanced technology to support its growing customer base. As the company moves toward serving three million contributors, digital innovation will be key to operational efficiency.

Helping Contributors Achieve Home Ownership

The company is also helping contributors achieve home ownership. Recent regulatory changes now allow pension holders to withdraw 25% of their Retirement Savings Account (RSA) balance for mortgage financing. This policy is a breakthrough for Nigerians struggling to secure a home deposit. Access ARM Pensions is working with trusted partners to provide affordable housing and simplify transactions. Ude encouraged HR and Pension Desk Officers to help employees take advantage of these resources.

PenCom’s Commitment to Governance and Transparency

The event also featured key industry insights from the National Pension Commission (PenCom). Director-General Omolola Oloworaran, represented by Acting Commissioner Michael Popoola, reaffirmed PenCom’s commitment to governance and transparency in the pension sector. He stressed that regulatory oversight is meant to protect contributors, not create unnecessary restrictions. The upcoming reforms will simplify pension processes, remove financial jargon, and make pension rights clearer for all contributors.

New Guidelines to Speed Up Pension Disbursements

To further improve pension administration, PenCom is implementing new guidelines effective June 1, 2025. Pension Fund Administrators (PFAs) will no longer need PenCom’s approval before processing and disbursing benefits. This change covers key disbursements, including Programmed Withdrawals, Retiree Life Annuity, and Temporary Loss of Employment benefits. Previously, all benefit payments had to be approved by PenCom before funds could be released. This reform will speed up the process and ensure that retirees and beneficiaries receive their funds without delays.

A New Era of Customer-Focused Pension Management

Access ARM Pensions is positioning itself as a leader in customer-focused pension management. By enhancing efficiency, embracing digital solutions, and promoting home ownership, the company is setting a new standard in the pension industry. With these changes, contributors can look forward to a smoother, faster, and more rewarding pension experience.

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Finance Minister Wale Edun announced the initiative during a media briefing, highlighting efforts to close the nation’s housing gap.

The first phase of the fund includes a 40-year concessional loan from the World Bank’s International Development Association at 1% interest.

Edun revealed that local pension funds, banks, and insurance firms contributed matching funds, raising N250 billion in the initial phase.

“This fund will enable Nigerians to access mortgages at single-digit and low double-digit interest rates,” Edun stated.

Nigeria’s Housing Crisis

Nigeria, Africa’s most populous country, faces a severe housing deficit, with most real estate transactions still conducted in cash.

Cash-based transactions have contributed to corruption, while mortgage financing remains below 1% of the country’s GDP.

The Federal Mortgage Bank of Nigeria estimates that 28 million additional homes are needed to meet the country’s housing demand.

The new fund is expected to stimulate housing construction by guaranteeing developers access to ready buyers, Edun noted.

Road Infrastructure Projects in the Pipeline

The government is also finalizing contracts with private investors to construct and manage 40 roads covering 5,000 kilometers.

The Africa Finance Corporation (AFC), a Lagos-based financial institution, is one of the key investors in this road infrastructure initiative.

Boost for Housing Finance

Last week, the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) closed its N250 billion pilot fundraising.

The N100 billion Series 2 issuance was fully subscribed, reflecting strong investor confidence in Nigeria’s housing finance sector.

This follows the initial N150 billion raised in Series 1, with Series 2 attracting significant private sector participation.

Edun emphasized that the fund’s success marks a turning point in Nigeria’s long-overdue housing sector transformation.

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